Oil will gain, extending a rally that sent prices to a 29-month high amid turmoil in the Middle East, said Mark Mobius, executive chairman of Templeton Asset Management’s Emerging Markets Group.
“The trend is up” for oil, Mobius said in an interview today with Lisa Murphy on Bloomberg Television’s “Fast Forward.” “I’m not predicting any particular level. Of course, there will be lots of volatility. But if you look at the long- term trend it’s definitely up.”
Crude in New York surged this week on concern unrest in Libya will spread to other North African and Middle East energy exporters, curbing shipments. Mobius also said popular revolts in the region are putting governments on notice that they must change to benefit their citizens.
No comments:
Post a Comment